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Morgan Stanley Investment Management Extends Availability of Institutional Private Equity to Individual Investors

via Business Wire

North Haven Private Assets Fund Offers Expanded Investor Eligibility, Better Liquidity Potential, and Simplified Tax Reporting Compared to Traditional Private Funds

Morgan Stanley Investment Management (MSIM) announced today the launch of the North Haven Private Assets Fund (NHPAF), an SEC-registered evergreen investment fund designed to offer select investors the opportunity to obtain institutional-quality private equity exposure primarily through co-investments and secondaries in the lower middle market. This is MSIM’s first evergreen private equity offering and follows the introduction of retail private credit and real assets strategies over the last five years.

Neha Champaneria Markle, the Head of Morgan Stanley Private Equity Solutions, said: “We are pleased to facilitate access to both secondaries and co-investments in privately held companies to a wider audience of potential investors through a user-friendly evergreen structure. We believe that the lower middle market offers a broad opportunity set characterized by lower entry valuations, greater potential for organic and M&A-driven growth, and more liquidity options compared to the large cap segment. We think this thematic emphasis, along with our demonstrated history of experience, and disciplined and careful manager diversification, will enable us to offer the potential for differentiated performance and downside risk protection.”

NHPAF is managed by Morgan Stanley Private Equity Solutions, MSIM’s multi-manager private equity solutions platform, which has a 25-year track record and a longstanding network of relationships with GPs. Combined with the broader resources of Morgan Stanley, the Fund is expected to benefit from the potential for robust deal flow as well as meaningful diligence advantages.

David N. Miller, Global Head of Private Credit & Equity, said: “Increased democratization of alternatives provides individuals access to what had been traditionally institutional asset classes. MSIM’s $240 billion alternatives business has largely been built organically over four decades. We are pleased to expand our suite of private wealth-oriented private markets funds to include private equity in a structure that provides diversified exposure across sectors, geographies, and underlying managers. The Private Equity Solutions team has a long history in private equity investing and, we believe, a compelling investment playbook that is further distinguished by the top-tier global resources of Morgan Stanley.”

About Morgan Stanley Private Equity Solutions

Founded in 1999, Morgan Stanley Private Equity Solutions is a leading limited partner in private markets with a 25-year history of serving as a partner of choice to high-quality private equity managers. The Team’s broad private markets investment platform encompasses globally diversified fund of funds programs, custom mandates, and specialized programs offering exposure to external private equity funds, co-investments, secondaries, and venture capital, among other strategies. Since inception, the Team has committed over $27 billion to more than 1,200 private markets investments, positioning the group as one of the most experienced private markets investors in the world.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.6 trillion in assets under management or supervision as of March 31, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

Morgan Stanley AIP GP LP is NHPAF’s investment adviser, and Morgan Stanley Distribution Inc. is NHPAF’s distributor.

Important Information

Statements included herein may constitute “forward-looking statements” within the meaning of the U.S. securities laws, and may relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the fund’s filings with the Securities and Exchange Commission and others beyond NHPAF’s control. NHPAF undertakes no duty to update any forward-looking statements made herein. All investors must be a “qualified client” within the meaning of Rule 205-3 under the Investment Advisers Act of 1940 Act and an “accredited investor” within the meaning of Rule 501 under the Securities Act of 1933. NHPAF is newly organized, with a limited history of operations. Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market. Tender offers will be conducted at the sole discretion of NHPAF’s Board. A registration statement relating to NHPAF’s shares has been filed with, and declared effective by, the Securities and Exchange Commission. This press release is not an offer to sell securities and is not a solicitation of an offer to buy securities, nor will there be any sales of securities in any jurisdiction where the offer or sale is not permitted. Please read the prospectus and consider the Fund’s investment objective, strategies, risks, fees and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund. To obtain a prospectus (which includes the applicable fund’s current fees and expenses, if different from those in effect as of the date of this document) please download one at https://www.morganstanley.com/im/NHPAF or call 1-800-548-7786.

Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

Risk Considerations

AN INVESTMENT IN THE FUND INVOLVES A HIGH DEGREE OF RISK AND THEREFORE SHOULD ONLY BE UNDERTAKEN BY QUALIFIED INVESTORS WHOSE FINANCIAL RESOURCES ARE SUFFICIENT TO ENABLE THEM TO ASSUME THESE RISKS AND TO BEAR THE LOSS OF ALL OR PART OF THEIR INVESTMENT. THE FOLLOWING RISK FACTORS SHOULD BE CONSIDERED CAREFULLY, BUT ARE NOT MEANT TO BE AN EXHAUSTIVE LISTING OF ALL OF THE POTENTIAL RISKS ASSOCIATED WITH AN INVESTMENT IN THE FUND. INVESTORS SHOULD CONSULT WITH THEIR OWN FINANCIAL, LEGAL, INVESTMENT AND TAX ADVISERS PRIOR TO INVESTING IN THE FUND.

Data and commentary provided in this press release are for informational purposes only.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Morgan Stanley Distribution, Inc. serves as the distributor for the Fund.

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